ERM Power not involved in Infratil's Lumo sale

Infratil

ERM Power, the ASX-listed energy company, isn't in the running to buy Infratil's [NZX: IFT] energy assets across the Tasman.

Brisbane-based ERM Power is not involved in the sale process for Infratil-owned electricity retailer Lumo and has scotched a report in the Australian Financial Review report that it was involved in the New South Wales government's sale of power stations, it said in a statement to the ASX.

Earlier this week Wellington-based Infratil said it was continuing its strategic review of Infratil Energy Australia, "with parties expressing interesting in progressing options including outright purchase and merger combinations."

Managed by Morrison & Co, Infratil flagged with its results in May that it had started a review of Lumo and Direct Connect Australia units of IEA to determine whether to sell the businesses. Earnings at IEA fell to A$78 million in the year ended March 31, from A$97.7 million a year earlier, with the decline inflated by the effect of translating earnings back into a strong kiwi dollar.​

NZX-listed Infratil shares rose 0.2 percent to $2.445, and have advanced 7.5 percent this year. ASX-listed ERM Power shares rose 4.1 percent to A$2.04 and have fallen 18 percent since the start of the year.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7019 -0.0025 -0.35%
AUD 0.9418 0.0022 0.23%
EUR 0.6259 -0.0013 -0.21%
GBP 0.5426 -0.0003 -0.06%
HKD 5.4685 -0.0178 -0.32%
JPY 78.4570 -0.1210 -0.15%

Commods

Commodity Price Change Time
Gold Index 1256.4 -2.470 2017-05-25T00:
Oil Brent 51.8 -2.520 2017-05-25T00:
Oil Nymex 48.9 -2.480 2017-05-25T00:
Silver Index 17.2 0.070 2017-05-25T00:

Indices

Symbol Open High Last %
NZX 50 7434.5 7436.0 7434.5 -0.02%
NASDAQ 6183.0 6217.3 6163.0 0.69%
DAX 12693.8 12697.7 12642.9 -0.17%
DJI 21063.0 21112.3 21012.4 0.34%
FTSE 7514.9 7529.7 7514.9 0.04%
HKSE 25671.0 25724.4 25630.8 0.01%
NI225 19798.5 19801.6 19813.1 -0.26%
ASX 5789.6 5789.6 5789.6 -0.70%